Wolfe Research AMD

Wolfe Research Reaffirms Outperform on AMD, $650 Price Target

Analyst: Chris Caso 1 min read Reproduced verbatim
Rating
Outperform
Unchanged
Target
$650
from $450 (+44%)
Upside
+61%
AMD at $404 today
Wolfe Research and AMD logos

What the analyst said

Wolfe Research analyst Chris Caso reiterated an Outperform rating and $650 price target on AMD (NASDAQ: AMD).

“Reiterate Outperform and $650 PT. Our $650 PT is based on 22x our bull case ~$30 earnings power. Strength in datacenter continues to drive results, with server CPU and GPU leading growth through CY27.

While the PC market has materially weakened, AMD is able to offset that weakness with strength in datacenter.

Going forward, we think the most important items are AMD’s ability to execute and how much supply the company can attain; we think the company’s forward guidance for CY27 (85% y/y rev growth) embeds more conservative assumptions on deployment timelines and / or content per GW that leave meaningful upside still to come for CY27.

Given we were already above management’s guidance for CY27 coming into the report, we leave our estimates mostly unchanged, and see ~$20 EPS in CY27 with a clear path to $30 in CY28, putting the stock at just 14x that earnings power; we remain bullish.”

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This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.

Where the price stands

AMD trades at $404. The 30 analysts who set a target in the last 3 months range from $540 to $1,250, with a median of $650. This $650 target is in line with the median.

12-month window: day 1 of 365, closes on November 4, 2027.

Track record

This callOpen: AMD has not reached $650 yet. This 12-month target is scored on November 4, 2027.

Firm track recordWolfe Research: 91% of its 11 targets at least a year old were reached within 12 months. Accuracy ranking →

Earnings reactionOne of 25 notes after AMD’s Nov 3 results: 9 raised · 4 cut · 11 kept. See every call →

Wolfe Research on AMD

Wolfe Research price targets on AMD

4 calls from May 6, 2026 to November 4, 2026. The target went from $450 to $650 (+44%). The rating stayed Buy.

Wolfe Research targetAMD share price
  1. November 4, 2026 This noteTarget raised from $450 (+44%)Buy$650
  2. June 15, 2026Kept the $450 targetBuy$450
  3. June 15, 2026Kept the $450 targetBuy$450
  4. May 6, 2026Earliest call shownBuy$450
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Other analysts on AMD

HSBCHold Raised price target +8%, kept rating Nov 5 $540from $500 StoneXBuy Kept rating and price target Nov 4 $685maintained DA DavidsonBuy Raised price target +9%, kept rating Nov 4 $600from $550 TD CowenBuy Kept rating and price target Nov 4 $675maintained RBC CapitalHold Kept rating and price target Nov 4 $540maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.